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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Diranko Capital posted a strong 19.9% net return in 2025, handily beating indices despite some performance drag from cyclical mistakes. The fund is positioned defensively for 2026, rotating out of fully valued assets into highly idiosyncratic microcap, deep value, and special situation plays."
Diranko Capital delivered a net return of 19.9% (25.2% gross) for the full year 2025, significantly outperforming the MSCI World Small Cap and MSCI ACWI benchmarks. The manager details two costly mistakes: an ill-timed exit of EROAD Ltd (costing -4% performance contribution, though still securing an absolute 80% return) and entering cyclical Mattr Corp at the wrong phase (costing -5%). In response to high overall market valuations, the portfolio has been defensive adjusted, concentrating capital into Deep Value Investments (25%), Special Situations (22%), and Underappreciated Microcap Growth (50%) where the manager sees abundant, mispriced opportunities.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Diranko Capital posted a strong 19.9% net return in 2025, handily beating indices despite some performance drag from cyclical mistakes. The fund is positioned defensively for 2026,...
Growth Outlook
Market outlook remains low conviction: Diranko Capital posted a strong 19.9% net return in 2025, handily beating indices despite some performance drag from cyclical mistakes. The fund is positioned defensively for 2026,...
Risk Appetite
Risk appetite posture is moderate conviction: Diranko Capital posted a strong 19.9% net return in 2025, handily beating indices despite some performance drag from cyclical mistakes. The fund is positioned defensively for 2026,...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Diranko Capital posted a strong 19.9% net return in 2025, handily beating indices despite some performance drag from cyclical mistakes. The fund is positioned defensively for 2026,...
Forward Guidance
Forward guidance signal: Diranko Capital posted a strong 19.9% net return in 2025, handily beating indices despite some performance drag from cyclical mistakes. The fund is positioned defensively for 2026,...
Language Signal
Tone analysis indicates above average conviction language: Diranko Capital posted a strong 19.9% net return in 2025, handily beating indices despite some performance drag from cyclical mistakes. The fund is positioned defensively for 2026,...
Perceived Risk
Perceived risk level is evaluated as above average conviction. Diranko Capital posted a strong 19.9% net return in 2025, handily beating indices despite some performance drag from cyclical mistakes. The fund is positioned defensively for 2026,...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Diranko Capital posted a strong 19.9% net return in 2025, handily beating indices despite some performance drag from cyclical mistakes. The fund is positioned defensively for 2026,...
Time Horizon
Investment time horizon reflects a above average conviction orientation. Diranko Capital posted a strong 19.9% net return in 2025, handily beating indices despite some performance drag from cyclical mistakes. The fund is positioned defensively for 2026,...
